Crane Co
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 26, 2026
CR$201.06+1.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2024-12-31; filed 2025-02-27.
0001628280-25-008728
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-12-31; filed 2026-02-26.
0001944013-26-000095
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 162 previous paragraphs and 121 current paragraphs.
45 unchanged; 41 reworded; 35 added; 74 removed; 2 previous and 0 current paragraphs rearranged.
Tables are not compared: 10 previous and 10 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (35)
Current report
Acquisition of Druck, Panametrics and Reuter-Stokes
Current report
On June 6, 2025, the Company entered into a definitive Purchase Agreement with the Baker Hughes Company for the acquisition of Druck, Panametrics and Reuter-Stokes. Collectively, they are leading providers of sensor-based technologies for aerospace, nuclear and process industries. The Company completed the acquisition on January 1, 2026. The Druck brand is being integrated into the Aerospace & Advanced Technologies segment. Panametrics and Reuter-Stokes brands are being integrated into the Process Flow Technologies segment.
Current report
Acquisition of optek-Danulat
Current report
On January 1, 2026, the Company completed the acquisition of optek-Danulat (“Optek”). Optek is a leading provider ofinline process control optical measurement solutions for biopharma, pharmaceutical and other demanding markets. Optek is being integrated into the Process Flow Technologies segment.
Current report
In 2025, we recorded pre-tax transaction related expenses of $14.8 million primarily related to the Druck, Panametrics, Reuter-Stokes and Optek acquisitions.
Current report
•an increase in sales related to the CryoWorks, and Technifab acquisitions of $29.1 million, or 1.4%; and
Current report
•favorable foreign currency translation of $12.0 million, or 0.6%.
Current report
Cost of sales increased by $68.8 million, or 5.4%, to $1,332.2 million in 2025. The increase is primarily related to higher material, labor and other manufacturing costs, inclusive of tariffs of $110.7 million, or 8.8%, the impact from the CryoWorks, and Technifab acquisitions of $19.8 million, or 1.6%, unfavorable foreign currency translation of $6.7 million, or 0.5%, partially offset by strong productivity gains of $53.7 million, or 4.3%, lower volumes of $9.8 million, or 0.8%, and cost savings of $5.2 million, or 0.4%.
Current report
Engineering, selling and administrative expenses increased by $36.6 million, or 7.1%, to $548.6 million in 2025, primarily driven by the increase in administrative expenses of $27.0 million, or 5.3%, coupled with higher selling expenses of $5.0 million, or 1.0%. The increase in administrative expenses was primarily driven by investments in core businesses and the acquisitions of CryoWorks and Technifab.
Current report
Operating profit increased by $68.4 million, or 19.2%, to $424.2 million in 2025. The increase primarily reflected strong net price, inclusive of tariffs and productivity gains of $66.3 million, or 18.6%.
Current report
AEROSPACE & ADVANCED TECHNOLOGIES
Current report
Cost of sales increased $57.4 million, or 10.0%, to $631.8 million in 2025 compared to 2024, primarily reflecting higher material, labor and other manufacturing costs, inclusive of tariffs of $56.4 million, or 9.8%, increased volumes and mix impacts of $31.8 million, or 5.5%, partially offset by strong productivity gains of $29.0 million, or 5.0%.
Current report
Operating profit increased $53.5 million, or 25.6%, to $262.5 million in 2025, the increase primarily reflected higher volumes and strong net price, inclusive of tariffs and productivity gains of $65.0 million, or 31.1%, offset by unfavorable mix of $14.7 million, or 7.0%.
Current report
PROCESS FLOW TECHNOLOGIES
Current report
Sales increased by 57.6 million, or 4.8%, to $1,256.1 million in 2025, primarily driven by the impact of the CryoWorks, and Technifab acquisitions of $29.1 million, or 2.4%, higher core sales of $18.1 million, or 1.5%, driven by higher pricing, and favorable foreign currency translation of $10.4 million, or 0.9%.
Current report
•Sales of Process Valves and Related Products increased by $34.3 million, or 3.8%, to $947.6 million in 2025, primarily driven by the impact of the CryoWorks and Technifab acquisitions of $29.1 million, or 3.2%, favorable foreign currency translation of $6.6 million, or 0.7%, and to a lesser extent offset by lower core sales of $1.4 million, or 0.2%, driven by lower volumes.
Current report
Cost of sales increased by $11.4 million, or 1.7%, to $700.4 million, reflecting higher material, labor and other manufacturing costs, inclusive of tariffs of $54.3 million, or 7.9%, the impact of the CryoWorks, and Technifab acquisitions of $19.8 million, or 2.9%, and unfavorable foreign currency translation of $6.1 million, or 0.9%, partially offset by lower volumes and mix impacts of $41.3 million, or 6%, strong productivity gains of $24.7 million, or 3.6%, and to a lesser extent cost savings of$2.8 million, or 0.4%.
Current report
Engineering, selling and administrative expense increased by $23.0 million, or 8.5%, to $292.2 million, reflecting an increase in administrative costs of $17.5 million, or 6.5%, primarily from investments in core businesses and the impact of the CryoWorks and Technifab acquisitions.
Current report
Operating profit increased by 23.2 million, or 9.7%, to $263.5 million in 2025. The increase is primarily due to strong net price, inclusive of tariffs and productivity gains of $31.2 million, or 13%, partially offset by the net impact of lower volumes and mix impacts of $12.2 million, or 5.1%.
Current report
Total Corporate expense increased by $8.3 million, or 8.9%, in 2025, primarily reflecting higher transaction related expenses of $5.0 million, or 5.3%.
Current report
Interest expense decreased by $15.9 million, or 58.5%, resulting from the repayment of the 2023 Term facility during 2025. Miscellaneous income, net, increased $4.3 million, primarily related to the insurance proceeds received in connection with Hurricane Helene (see Note 13, “Commitment and Contingencies” for further detail).
Current report
The One Big Beautiful Bill Act
Current report
On July 4, 2025, the “One Big Beautiful Bill Act” was signed into law. This legislation did not have a material impact on our income tax expense for the year ended December 31, 2025, and while the Company is continuing to evaluate the financial statement impact of these new provisions on future reporting periods it is not expected to have a material impact in 2026.
Current report
In September 2025, we entered into a $900 million senior unsecured delayed draw term loan facility (the “Term Facility”), which matures on September 30, 2030, and a $900 million senior unsecured revolving facility (the “Revolving Facility”), which also matures on September 30, 2030. In December 2025, the Company borrowed $900 million under the Term Facility and an additional $250 million under the Revolving Facility. The borrowings under the Term Facility and Revolving Facility, along with cash on-hand, were used to fund the January 2026 acquisitions of Druck, Panametrics, Reuter-Stokes and optek-Danulat.
Current report
•$960.0 million increase in borrowings under our Term Facility and Revolving Facility; partially offset by
Current report
•$55.6 million increase in debt repayments;
Current report
•$6.0 million increase in dividend payments;
Current report
•$5.6 million increase in debt refinancing costs; and
Current report
(a) Debt includes scheduled principal payments and borrowings under our Revolving Facility.
Current report
For 2026, we expect total sales growth in the low-to-mid 20%s, driven by the Druck, Panametrics, Reuter-Stokes, and optek-Danulat acquisitions, as well as mid-single digit core sales growth and a slight foreign exchange benefit. We expect an improvement in operating profit driven primarily by productivity benefits and operating leverage on higher volumes, lower transaction related expenses, higher pricing net of inflation and contributions from the Druck, Panametrics, Reuter-Stokes, and optek-Danulat acquisitions.
Current report
In 2026, we expect Aerospace & Advanced Electronics sales to increase in the low to mid 20% range driven by high-single digit core sales growth, a low-to-mid-teen percentage contribution from the Druck acquisition and a slight benefit from favorable foreign exchange.
Current report
We expect segment operating profit to increase compared to 2025 due to higher volumes, positive net price and the contribution from the Druck acquisition. However, we expect operating margin to decline modestly compared to 2025 driven by the dilutive impact of the above-mentioned acquisitions.
Current report
In 2026, we expect Process Flow Technologies sales to increase in the low-to-mid 20%s driven by flat-to-low single digit core sales growth, a low-20% contribution from the Panametrics, Reuter-Stokes, and optek-Danulat acquisitions, as well as a 1% benefit from foreign exchange.
Current report
We expect core sales to be driven by demand in the pharmaceutical, water and waste-water and cryogenic markets offset by ongoing sluggishness in the chemical markets.
Current report
We expect segment operating profit to increase compared to 2025 due primarily to the contribution from the Panametrics, Reuter-Stokes, and optek-Danulat acquisitions. However, we expect operating margin to decline modestly compared to 2025 driven primarily by the dilutive impact of the acquisitions.
Removed paragraphs (74)
Previous report
Divestiture of Engineered Materials
Previous report
Effective on January 1, 2025, the Company completed the sale of the Engineered Materials segment to KPS Capital Partners, L.P (“KPS”) for approximately $208.0 million, on a cash-free and debt-free basis. We determined that the Engineered Materials segment met the criteria of being reported as a discontinued operation as of December 31, 2024. As a result, the related assets, liabilities and operating results of Engineered Materials are presented as discontinued operations and, as such, have been excluded from both continuing operations and segment results for all periods presented. Throughout this Annual Report on Form 10-K, unless otherwise indicated, amounts and activity are presented on a continuing operations basis. See Item 8 under Note 3, “Discontinued Operations,” in the Notes to Consolidated Financial Statements for additional detail.
Previous report
On April 3, 2023, Crane Holdings, Co. completed the Separation into two independent, publicly-traded companies, Crane NXT, Co. and Crane Company (the “Separation”). Crane Holdings, Co. was separated into two independent, publicly-traded companies in a transaction in which Crane Holdings, Co. retained its Payment & Merchandising Technologies segment (Crane NXT) and spun-off its Aerospace & Electronics, Process Flow Technologies and Engineered Materials segments to Crane Holdings, Co. stockholders (Crane Company).
Previous report
Divestiture of asbestos-related assets and liabilities
Previous report
On August 12, 2022, we recognized a loss on the divestiture of asbestos-related assets and liabilities of $162.4 million. Please refer to item 8 under Note 13, “Commitments and Contingencies” in the Notes to Consolidated Financial Statements for further discussion.
Previous report
Sale of Crane Supply
Previous report
On May 31, 2022, the Company divested its Crane Supply business. In connection with the divestiture, the Company recognized a total gain on sale of $232.5 million which is presented within Gain on sale of business on the Consolidated Statement of Operations.
Previous report
Termination of Agreement to Sell Engineered Materials
Previous report
In 2021, we entered into an agreement to sell the Engineered Materials segment to Grupo Verzatec S.A. de C.V. (“Verzatec”). In 2022, Verzatec terminated the sale agreement and paid $7.5 million to the Company in termination fees, which is presented within Miscellaneous income, net on the Consolidated Statements of Operations.
Previous report
Restructuring and Related (Gains) Charges, net
Previous report
In 2022, we recorded net pre-tax restructuring and related charges of $8.2 million primarily related to modest cost reduction efforts across our businesses in response to continued macroeconomic uncertainty. There were no new restructuring programs in 2024 and 2023.
Previous report
In 2022, we recorded pre-tax transaction related expenses of $48.3 million most of which related to the planned separation, coupled with expenses associated with defeasing the asbestos liability and, to a lesser extent, divestiture costs related to the intended sale of Engineered Materials and the completed sale of Crane Supply.
Previous report
Results from Operations - For the Years ended December 31, 2024, 2023 and 2022
Previous report
(a) Variances designated as “NM” indicates such calculation is not meaningful.
Previous report
(c) For the year ended December 31, 2022, Corporate expense included a $162.4 million loss on the divestiture of asbestos-related assets and liabilities.
Previous report
2024 compared with 2023
Previous report
•an increase in core sales of $156.0 million, or 8.4%, which was driven primarily by higher pricing and to a lesser extent higher volumes;
Previous report
•an increase in sales related to the BAUM, Vian, CryoWorks, and Technifab acquisitions of 110.2 million, or 5.9%; and
Previous report
•favorable foreign currency translation of 2.9 million, or 0.2%.
Previous report
Cost of sales increased by $152.3 million, or 13.7%, to $1,263.4 million in 2024. The increase is primarily related to the impact from the BAUM, Vian, CryoWorks, and Technifab acquisitions of $90.5 million, or 8.1%, coupled with higher material, labor and other manufacturing costs of $60.5 million, or 5.4%, higher volumes of $24.8 million, or 2.2%, and unfavorable mix of $22.1 million, or 2.0%, partially offset by strong productivity gains of $46.6 million, or 4.2%.
Previous report
Selling, general and administrative expenses increased by $11.4 million, or 2.3%, to $512.0 million in 2024, primarily driven by higher merit increases, investments in core businesses and the BAUM, Vian, CryoWorks, and Technifab acquisitions, partially offset by the absence of expenses related to the Separation.
Previous report
Operating profit increased by $105.4 million, or 42.1%, to $355.8 million in 2024. The increase is primarily due to strong productivity gains of $51.0 million, or 20.4%, the absence of expenses related to the Separation and net higher pricing of $46.2 million, or 18.5%, coupled with higher volumes of $26.7 million, or 10.7%, partially offset by unfavorable mix of $22.0 million, or 8.8%.
Previous report
2023 compared with 2022
Previous report
Sales increased by $85.4 million, or 4.8%, to $1,862.1 million in 2023. The year-over-year higher sales included:
Previous report
•an increase in sales related to the October 2023 acquisition of BAUM of $15.4 million, or 0.9%;
Previous report
•favorable foreign currency translation of $0.5 million, and
Previous report
•a decrease in sales related to the May 2022 divestiture Crane Supply of $105.8 million, or 6.0%.
Previous report
Cost of sales decreased by $4.4 million, or 0.4%, to $1,111.1 million in 2023. The decrease is primarily related to the sale of Crane Supply of $66.1 million, or 5.9% and strong productivity gains of $34.7 million, or 3.1%, partially offset by an increase in material, labor and other manufacturing costs of $56.2 million, or 5.0%, unfavorable mix net of savings of $23.2 million, or 2.1% and higher volumes of $16.0 million, or 1.4%.
Previous report
Selling, general and administrative expenses increased by $7.1 million, or 1.4%, to $500.6 million in 2023, reflecting an $17.8 million, or 3.6%, increase in administrative expenses primarily related to the Separation, partially offset by the net impact of the sale of Crane Supply $11.2 million, or 2.3%.
Previous report
Operating profit increased by $245.1 million, to $250.4 million in 2023. The increase is primarily related to the absence of loss on divestiture of asbestos-related assets and liabilities of $162.4 million, an increase in core sales primarily driven by higher pricing net of inflation of $68.9 million and strong productivity of $38.9 million, partially offset by unfavorable mix of $27.4 million.
Previous report
For the year ended December 31, 2023, comprehensive income before allocation to noncontrolling interests was $286.6 million compared to $337.8 million in 2022. The $51.2 million decrease was primarily driven by $145.2 million of lower net income before allocation to noncontrolling interests which reflects the 2022 gain on sale of Crane Supply of $232.5 million, a $20.0 million decrease primarily related to changes in pension discount rates and a $114.0 million favorable impact of foreign currency translation adjustments, primarily related to the British pound and euro.
Previous report
AEROSPACE & ELECTRONICS
Previous report
•Sales of Military Original Equipment increased by $20.7 million, or 8.2%, to $273.1 million in 2024, primarily reflecting strong demand from defense and space customers and the impact of the Vian acquisition.
Previous report
Cost of sales increased $79.2 million, or 16.0%, to $574.4 million in 2024 compared to 2023, primarily reflecting higher material, labor and other manufacturing costs of $40.0 million, or 8.1%, the impact from the Vian acquisition of $38.1 million, or 7.7%, increased volumes of $25.1 million, or 5.1%, partially offset by productivity gains of $20.3 million, or 4.1%, and favorable mix of $3.8 million, or 0.8%.
Previous report
Operating profit increased $50.0 million, or 31.4%, to $209.0 million in 2024, the increase primarily reflected the impact from higher volumes of $29.3 million, or 18.4%, coupled with productivity gains of $22.7 million, or 14.3%, partially offset by higher material, labor and other manufacturing costs net of higher pricing of $5.0 million, or 3.1%.
Previous report
•Sales of Commercial Original Equipment increased by $40.9 million, or 16.3%, to $291.4 million in 2023, reflecting strong demand from aircraft manufacturers as the industry aircraft build rates continue to recover from the COVID-19 related slowdown, partially offset by component availability constraints.
Previous report
•Sales of Commercial Aftermarket Products increased by $50.9 million, or 39.4%, to $180.2 million in 2023, reflecting continued strong demand from the airlines due to improving air traffic and inventory restocking.
Previous report
•Sales of Military Aftermarket Products increased by $9.0 million, or 16.0%, to $65.3 million in 2023, reflecting stronger demand from military customers.
Previous report
Cost of sales increased $77.5 million, or 18.6%, to $495.2 million in 2023 compared to 2022, primarily reflecting $48.7 million, or 11.7%, of increased material, labor and other manufacturing costs, increased volumes of $29.3 million, or 7.0% and unfavorable mix of $10.1 million, or 2.4%, partially offset by $11.1 million, or 2.7% of productivity gains.
Previous report
Selling, general and administrative expense increased by $5.8 million, or 4.5%, to $135.1 million in 2023, primarily reflecting higher engineering, administrative and selling costs of $12.9 million, or 10.0%, partially offset by restructuring savings of $5.1 million, or 4.0%, and productivity gains of $1.9 million, or 1.5%.
Showing the first 40 of 74 passages. Open the source sections for the rest.
Reworded paragraphs (41)
Previous wording
Crane Company has delivered innovation and technology-led solutions for customers since its founding in 1855. Today, Crane is a leading manufacturer of highly engineered components for challenging, mission-critical applications focused on the aerospace, defense, space and process industry end markets. The Company has two reporting segments: Aerospace & Electronics and Process Flow Technologies.
Current wording
Crane Company has delivered innovation and technology-led solutions for customers since its founding in 1855. Today, Crane is a leading manufacturer of highly engineered components for challenging, mission-critical applications focused on the aerospace, defense, space and process industry end markets. The Company has two reporting segments: Aerospace & Advanced Technologies and Process Flow Technologies.
Previous wording
On January 2, 2024, the Company completed the acquisition of Vian Enterprises, Inc. (“Vian”). Vian is a global designer and manufacturer of multi-stage lubrication pumps and lubrication system components technology for critical aerospace and defense applications with sole-sourced and proprietary content on the highest volume commercial and military aircraft platforms. Vian has been integrated into the Aerospace & Electronics segment.
Current wording
On January 2, 2024, the Company completed the acquisition of Vian Enterprises, Inc. (“Vian”). Vian is a global designer and manufacturer of multi-stage lubrication pumps and lubrication system components technology for critical aerospace and defense applications with sole-sourced and proprietary content on the highest volume commercial and military aircraft platforms. Vian has been integrated into the Aerospace & Advanced Technologies segment.
Previous wording
On October 4, 2023, the Company completed the acquisition of Baum lined piping GmbH (“BAUM”). BAUM is a German based company that designs, manufactures, and distributes lined piping products primarily focused on chemical and industrial end markets. BAUM is included in our Process Flow Technologies segment.
Current wording
On October 4, 2023, the Company completed the acquisition of Baum lined piping GmbH (“BAUM”). BAUM is a German based company that designs, manufactures, and distributes lined piping products primarily focused on chemical and industrial end markets. BAUM has been integrated into the Process Flow Technologies segment.
Previous wording
In 2023, we recorded pre-tax transaction related expenses of $39.3 million primarily related to the separation.
Current wording
In 2023, we recorded pre-tax transaction related expenses of $39.3 million related to the separation.
Previous wording
In September 2024, our manufacturing site in Marion, North Carolina was directly affected by flooding from Hurricane Helene. Our insurance generally covers the repair or replacement of assets that suffered damage or loss and also provides business interruption coverage, including lost profits, and reimbursement for other expenses and costs that have been incurred relating to the damages and losses suffered. The recovery related to business interruption will be recognized when realized and received. We are working with our insurance carrier to assess the damage and ascertain the amount of insurance recoveries due to us as a result of the damage and loss we incurred, as such the timing of insurance proceeds may lag behind actual losses incurred.
Current wording
In September 2024, our manufacturing site in Marion, North Carolina was directly affected by flooding from Hurricane Helene. Our insurance covered the repair or replacement of assets that suffered damage or loss and also provided for business interruption coverage, which included lost profits, and reimbursement for other expenses and costs that have been incurred relating to the damages and losses suffered. The recovery related to business interruption was recognized when realized and received. We worked with our insurance carrier to assess the damage and ascertain the amount of insurance recoveries due to us as a result of the damage and loss we incurred, as such the timing of insurance proceeds lagged behind the actual losses incurred. As of December 31, 2025, the full insurance claim has been settled and no additional proceeds are expected to be recovered.
Previous wording
For the year ended December 31, 2024, we incurred losses and expenses of $23.3 million related to damages caused by the hurricane, which included professional fees to restore and maintain the site and the write-off of damaged property, equipment and inventory. For the year ended December 31, 2024 we have received insurance recoveries of $20.0 million and have an insurance receivable of $2.8 million, which is net of the $0.5 million deductible. These costs and insurance recoveries are included in Selling, general and administrative expenses in the Consolidated Statements of Operations.
Current wording
For the year ended December 31, 2025 and 2024, we incurred expenses of $6.0 million and $23.3 million, respectively related to damage caused by the hurricane, which included professional fees to restore and maintain the site. These costs are included in Engineering, selling and administrative expenses in the Consolidated Statements of Operations. On a cumulative basis, we incurred expenses of $29.3 million related to damage caused by the hurricane, all of which were fully covered by insurance except for the $0.5 million deductible. During the year ended December 31, 2025, we also received insurance proceeds for lost profits of $9.3 million, included in Miscellaneous income, net in the Consolidated Statements of Operations.
Previous wording
(b) For the years ended December 31, 2024, 2023 and 2022, Corporate expense included transaction related expenses of $9.8 million, $41.5 million and $40.5 million, respectively.
Current wording
(a)For the years ended December 31, 2025, 2024 and 2023, Corporate expense included transaction related expenses of $14.8 million, $9.8 million and $41.5 million, respectively.
Previous wording
Sales increased by $269.1 million, or 14.5%, to $2,131.2 million in 2024. The year-over-year higher sales included:
Current wording
Sales increased by $173.8 million, or 8.2%, to $2,305.0 million in 2025. The year-over-year higher sales included:
Previous wording
•an increase in core sales of $175.3 million, or 9.9%, which was driven primarily by higher pricing;
Current wording
•an increase in core sales of $132.7 million, or 6.2%, which was driven primarily by higher pricing;
Previous wording
For the year ended December 31, 2024, comprehensive income before allocation to noncontrolling interests was $290.6 million compared to $286.6 million in 2023. The $4.0 million increase was primarily driven by $38.8 million of higher net income before allocation to noncontrolling interests, a $16.5 million increase primarily related to changes in pension discount rates and a $51.3 million unfavorable impact of foreign currency translation adjustments, primarily related to the British pound and euro.
Current wording
For the year ended December 31, 2025, comprehensive income before allocation to noncontrolling interests was $448.5 million compared to $290.6 million in 2024. The $157.9 million increase was primarily driven by $71.9 million of higher net income before allocation to noncontrolling interests, $82.0 million favorable impact of foreign currency translation adjustments, primarily related to the euro and British pound and a $4.0 million increase primarily due to favorable pension plan asset performance.
Previous wording
Aerospace & Electronics sales increased $122.0 million, or 18.3%, to $789.3 million in 2023 primarily due to higher volumes and strong pricing. The commercial market and military market accounted for 60% and 40%, respectively, of total segment sales in 2023. Sales to OEM and aftermarket customers in 2023 were 69% and 31% of total segment sales, respectively.
Current wording
Aerospace & Advanced Technologies sales increased $116.2 million, or 12.5%, to $1,048.9 million in 2025, primarily due to higher pricing and volumes of $114.6 million, or 12.3%. The commercial market and military market accounted for 61% and 39%, respectively, of total segment sales in 2025. Sales to OEM and aftermarket customers in 2025 were 66% and 34% of total segment sales, respectively.
Previous wording
•Sales of Commercial Original Equipment increased by $58.0 million, or 19.9%, to $349.4 million in 2024, primarily reflecting strong demand from aircraft manufacturers and the impact of the Vian acquisition.
Current wording
•Sales of Commercial Original Equipment increased by $47.9 million, or 13.7%, to $397.3 million in 2025, reflecting strong demand from aircraft manufacturers.
Previous wording
•Sales of Military Original Equipment increased by $21.2 million, or 9.2%, to $252.4 million in 2023, primarily reflecting strong demand from defense customers.
Current wording
•Sales of Military Original Equipment increased by $24.4 million, or 8.9%, to $297.5 million in 2025, reflecting strong demand from defense and space customers.
Previous wording
•Sales of Commercial Aftermarket Products increased by $38.3 million, or 21.3%, to $218.5 million in 2024, primarily reflecting continued strong demand from airlines due to improving air traffic volumes.
Current wording
•Sales of Commercial Aftermarket Products increased by $29.0 million, or 13.3%, to $247.5 million in 2025, reflecting continued strong demand from airlines due to improving air traffic.
Previous wording
•Sales of Military Aftermarket Products increased by $26.4 million, or 40.4%, to $91.7 million in 2024, reflecting stronger demand for military products, partly in response to heightened geopolitical tensions globally.
Current wording
•Sales of Military Aftermarket Products increased by $14.9 million, or 16.2%, to $106.6 million in 2025, reflecting stronger demand for military products, partly in response to heightened geopolitical tensions globally.
Previous wording
Selling, general and administrative expense increased by $14.2 million, or 10.5%, to $149.3 million in 2024, primarily related to higher selling and administrative costs of $19.2 million, or 14.2%, offset by lower engineering costs of $5.0 million, or 3.7%.
Current wording
Engineering, selling, and administrative expense increased by $5.3 million, or 3.5%, to $154.6 million in 2025, primarily related to higher selling and administrative costs of $6.7 million, or 4.5%, offset by lower engineering costs of $1.6 million, or 1.1%.
Previous wording
•Sales of Commercial Valves increased by $21.5 million, or 18.5%, to $137.9 million in 2024, primarily driven by increase in core sales of $17.5 million, or 15.0%, and favorable foreign currency translation of $4.0 million, or 3.4%, as the British pound strengthened against the U.S. dollar.
Current wording
•Sales of Commercial Valves increased by $9.5 million, or 6.9%, to $147.4 million in 2025, primarily driven by increase in core sales of $5.4 million, or 3.9%, driven by higher pricing, and favorable foreign currency translation of $4.1 million, or 3.0%, as the British pound strengthened against the U.S. dollar.
Previous wording
•Sales of Pumps and Systems increased by $2.2 million, or 1.5%, to $147.3 million in 2024, reflecting an increase in core sales primarily driven by higher pricing.
Current wording
•Sales of Pumps and Systems increased by $13.8 million, or 9.4%, to $161.1 million in 2025, reflecting an increase in core sales driven by higher pricing and volumes.
Previous wording
The Company raised the 2025 annual dividend by 12% to $0.92 per share.
Current wording
The Company raised the annual dividend for 2026 by 11% to $1.02 per share.
Previous wording
Cash provided by operating activities from continuing operations, a key source of our liquidity, was $257.8 million in 2024, compared to $162.1 million in 2023. The increase in cash provided by operating activities from continuing operations was primarily driven by the $109.1 million increase in net income from continuing operations, adjusted for the exclusion of non-cash items.
Current wording
Cash provided by operating activities from continuing operations, a key source of our liquidity, was $394.8 million in 2025, compared to $257.8 million in 2024. The increase in cash provided by operating activities from continuing operations was primarily driven by the $79.0 million increase in net income from continuing operations, adjusted for the exclusion of non-cash items and improved working capital of $60.7 million.
Previous wording
Cash flows relating to investing activities from continuing operations consist primarily of cash used for capital expenditures, acquisitions of businesses and cash provided by divestitures of businesses or assets. Cash used for investing activities from continuing operations was $230.0 million in 2024, compared to $128.8 million in 2023. The increase in cash used for investing activities is primarily related to the acquisition of Vian for $99.5 million, the acquisition of CryoWorks for $59.1 million and the acquisition of Technifab for $38.8 million, partially offset by the 2023 acquisition of BAUM for $90.5 million.
Current wording
Cash flows relating to investing activities from continuing operations consist primarily of cash used for capital expenditures and acquisitions of businesses. Cash used for investing activities from continuing operations was $48.1 million in 2025, compared to $230.0 million in 2024. The decrease in cash used for investing activities was primarily driven by the net cash paid of $197.4 million in the prior period for the acquisitions of Vian Enterprises, Inc., CryoWorks, Inc. and Technifab Products, Inc., partially offset by a $16.9 million increase in capital expenditures. Capital expenditures are made primarily for increasing capacity, replacing equipment, supporting new product development, and improving information systems.
Previous wording
Financing cash flows consist primarily of dividend payments to shareholders, repayments of indebtedness, proceeds from our Credit Facilities and proceeds from the issuance of common stock in connection with employee stock plans. During the year 2023, financing cash flows also includes activities associated with the distribution of Crane NXT, Co. in support of the Separation.
Current wording
Financing cash flows consist primarily of dividend payments to shareholders, repayments of indebtedness, proceeds from our Credit Facilities and proceeds from the issuance of common stock in connection with employee stock plans.
Previous wording
Cash used for financing activities was $423.2 million in 2023, compared to cash provided by financing activities of $106.0 million in 2022. Cash used for financing activities in 2023 was driven by:
Current wording
Cash provided by financing activities was $838.8 million in 2025, compared to cash used for financing activities of $49.7 million in 2024. The increase in cash provided by financing activities was driven by:
Previous wording
•$22.7 million increase in payments for taxes related to net share settlements of equity awards, net of proceeds from stock options.
Current wording
•$4.3 million increase in payments for taxes related to net share settlements of equity awards, net of proceeds from stock option exercises.
Previous wording
Total net debt was $247.0 million and $248.5 million as of December 31, 2024 and 2023, respectively.
Current wording
Total net debt was $1,148.2 million and $247.0 million as of December 31, 2025 and 2024, respectively.
Previous wording
As of December 31, 2024, our total debt to total capitalization ratio was 13.1%, computed as follows:
Current wording
As of December 31, 2025, our total debt to total capitalization ratio was 35.8%, computed as follows:
Previous wording
(c) As the timing of future cash outflows is uncertain, the following long-term liabilities (and related balances) are excluded from the above table: long-term environmental liability of $8.6 million, gross unrecognized tax benefits of $8.4 million and related gross interest and penalties of $2.7 million.
Current wording
(c) As the timing of future cash outflows is uncertain, the following long-term liabilities (and related balances) are excluded from the above table: long-term environmental liability of $5.1 million, gross unrecognized tax benefits of $10.3 million and related gross interest and penalties of $3.2 million.
Previous wording
In 2025, we expect Aerospace & Electronics sales to increase in the high single-digit range compared to 2024. We expect a substantial improvement in our commercial OEM business driven by higher aircraft build rates, and our military OEM business driven by continued global geopolitical uncertainty which is driving increased demand. We expect growth in our commercial and military aftermarket businesses driven by continued high utilization of aircraft, but at decelerating rates compared to 2023 and 2024 due to increasingly challenging year-over-year comparisons. We expect segment operating profit and operating margin to increase compared to 2024 driven primarily by productivity benefits and the impact of operating leverage on higher volumes, partially offset by unfavorable mix as we expect higher growth in OEM shipments compared to the higher profit aftermarket product shipments.
Current wording
We expect a substantial improvement in our commercial OEM business driven by higher aircraft build rates, and increased demand for our military OEM business driven by continued global geopolitical uncertainty. We also expect growth in our commercial and military aftermarket businesses driven by continued high utilization of aircraft, but at decelerating rates compared to 2024 and 2025 reflecting increasingly challenging year-over-year comparisons.
Previous wording
Revenue Recognition. We primarily generate revenue through the manufacture and sale of engineered industrial products. Each product within a contract generally represents a separate performance obligation, as we do not provide a significant service of integrating or installing the products, the products do not customize each other, and the products can function independently of each other. Control of products generally transfers to the customer at a point in time, as the customer does not control the products as they are manufactured. We exercise judgment and consider the timing of right to payment, transfer of risk and rewards, transfer of title, transfer of physical possession, and customer acceptance when determining when control transfers to the customer. As a result, revenue from the sale of products is generally recognized at a point in time - either upon shipment or delivery - based on the specific shipping terms in the contract.
Current wording
Revenue Recognition. We primarily generate revenue through the manufacture and sale of engineered industrial products. Each product within a contract generally represents a separate performance obligation, as we do not provide a significant service of integrating or installing the products, the products do not customize each other, and the products can function independently of each other. Control of products generally transfers to the customer at a point in time, as the customer does not control the products as they are manufactured. We exercise judgment and consider the timing of right to payment, transfer of risk and rewards, transfer of title, transfer of physical possession, and customer acceptance when determining when control transfers to the customer. As a result, revenue from the sale of products is generally recognized at a point in time - either upon shipment or delivery - based on the specific shipping terms agreed with our customers.
Previous wording
When products are customized or products are sold directly to the U.S. government or indirectly to the U.S. government through subcontracts, revenue is recognized over time because control is transferred continuously to customers, as the contract progresses. We exercise judgment to determine whether the products have an alternative use to us. When an alternative use does not exist for these products and we are entitled to payment for performance completed to date which includes a reasonable profit margin, revenue is recognized over time. When a contract with the U.S. government or subcontract for the U.S. government contains clauses indicating that the U.S. government owns any work-in-progress as the contracted product is being built, revenue is recognized over time. The measure of progress applied by us is the cost-to-cost method as this provides the most faithful depiction of the pattern of transfer of control. Under this method, we measure progress by comparing costs incurred to date to the total estimated costs to provide the performance obligation. This method effectively reflects our progress toward completion, as this methodology includes any work-in-process amounts as part of the measure of progress. Costs incurred represent work performed, which corresponds with, and thereby depicts, the transfer of control to the customer. Total revenue recognized and cost estimates are updated monthly. In 2024, the Company recognized approximately $108.0 million in revenue over time related to contracts in progress as of December 31, 2024.
Current wording
Certain products however, are customized or sold directly to the U.S. government or indirectly to the U.S. government through subcontracts. In these cases, revenue is recognized over time because control is transferred continuously to customers, as the contract progresses. We exercise judgment to determine whether the products have an alternative use to us. When an alternative use does not exist for these products and we are entitled to payment for performance completed to date which includes a reasonable profit margin, revenue is recognized over time. When a contract with the U.S. government or subcontract for the U.S. government contains clauses indicating that the U.S. government owns any work-in-progress as the contracted product is being built, revenue is recognized over time. The measure of progress applied by us is the cost-to-cost method as this provides the most accurate depiction of the pattern of transfer of control. Under this method, we measure progress by comparing costs incurred to date to the total estimated costs to provide the performance obligation. This method effectively reflects our progress toward completion, as this methodology includes any work-in-process amounts as part of the measure of progress. Costs incurred represent work performed, which corresponds with, and thereby depicts, the transfer of control to the customer. Total revenue recognized and cost estimates are updated monthly. In 2025, the Company recognized approximately $109.1 million in revenue over time related to contracts in progress as of December 31, 2025, or 4.7% of total sales.
Previous wording
These estimates are subject to uncertainties and require judgment. Estimates of contract costs include labor hours and rates, and material costs. These estimates consider historical performance, the complexity of the work to be performed, the estimated time to complete the project, and other economic factors such as inflation and market rates. We update our estimates on a periodic basis and any revisions to such estimates are recorded in earnings in the period in which they are determined. Provisions for estimated losses, if any, on uncompleted long-term contracts, are made in the period in which such losses are determined. We do not believe that any discrete event or adjustment to an individual contract within the aggregate changes in contract estimates for 2024, 2023 or 2022 was material to the Consolidated Statement of Operations for such annual periods.
Current wording
These estimates are subject to uncertainties and require judgment. Estimates of contract costs include labor hours and rates, and material costs. These estimates consider historical performance, the complexity of the work to be performed, the estimated time to complete the project, and other economic factors such as inflation. We update our estimates on a periodic basis and any revisions to such estimates are recorded in earnings in the period in which they are determined. Provisions for estimated losses, if any, on uncompleted long-term contracts, are made in the period in which such losses are determined. We do not believe that any discrete event or adjustment to an individual contract within the aggregate changes in contract estimates for 2025, 2024 or 2023 was material to the Consolidated Statement of Operations for such annual periods.
Previous wording
Goodwill and Other Intangible Assets. As of December 31, 2024, we had $661.6 million of goodwill and $159.9 million of net intangible assets, of which $21.4 million were intangibles with indefinite useful lives, consisting of trade names. As of December 31, 2023, we had $576.4 million of goodwill and $87.1 million of net intangible assets, of which $22.1 million were intangibles with indefinite useful lives, consisting of trade names.
Current wording
Goodwill and Other Intangible Assets. As of December 31, 2025, we had $683.9 million of goodwill and $149.5 million of net intangible assets, of which $22.9 million were intangibles with indefinite useful lives, consisting of trade names. As of December 31, 2024, we had $661.6 million of goodwill and $159.9 million of net intangible assets, of which $21.4 million were intangibles with indefinite useful lives, consisting of trade names.
Previous wording
Our business acquisitions have typically resulted in the recognition of goodwill and other intangible assets. We follow the provisions under ASC Topic 350, “Intangibles – Goodwill and Other” (“ASC 350”) as it relates to the accounting for goodwill in the Consolidated Financial Statements. These provisions require that we, on at least an annual basis, evaluate the fair value of the reporting units to which goodwill is assigned and attributed and compare that fair value to the carrying value of the reporting unit to determine if an impairment has occurred. We perform our annual impairment testing during the fourth quarter. Impairment testing takes place more often than annually if events or circumstances indicate a change in status that would indicate a potential impairment. We believe that there have been no events or circumstances which would more likely than not reduce the fair value of our reporting units below its carrying value. A reporting unit is an operating segment unless discrete financial information is prepared and reviewed by segment management for businesses one level below that operating segment (a “component”), in which case the component would be the reporting unit. As of December 31, 2024, we had four reporting units. At December 31, 2024, Goodwill of $171.3 million related to the Engineered Materials reporting unit was classified as held for sale. Please refer to Note 3, “Discontinued Operations” in the Notes to Consolidated Financial Statements for further discussion.
Current wording
Our business acquisitions have typically resulted in the recognition of goodwill and other intangible assets. We follow the provisions under ASC Topic 350, “Intangibles – Goodwill and Other” (“ASC 350”) as it relates to the accounting for goodwill in the Consolidated Financial Statements. These provisions require that we, on at least an annual basis, evaluate the fair value of the reporting units to which goodwill is assigned and attributed and compare that fair value to the carrying value of the reporting unit to determine if an impairment has occurred. We perform our annual impairment testing during the fourth quarter. Impairment testing takes place more often than annually if events or circumstances indicate a change in status that would indicate a potential impairment. We believe that there have been no events or circumstances which would more likely than not reduce the fair value of our reporting units below its carrying value. A reporting unit is an operating segment unless discrete financial information is prepared and reviewed by segment management for businesses one level below that operating segment (a “component”), in which case the component would be the reporting unit. As of December 31, 2025, we had three reporting units.
Previous wording
When performing our annual impairment assessment, we compare the fair value of each of our reporting units to our respective carrying value. Goodwill is potentially impaired when the net book value of the reporting unit exceeds its estimated fair value. Fair values are established primarily by discounting estimated future cash flows at an estimated cost of capital which varies for each reporting unit and which, as of our most recent annual impairment assessment, ranged between 9.0% and 9.5% (a weighted average of 9.2%), reflecting the respective inherent business risk of each of the reporting units tested. This methodology for valuing our reporting units (commonly referred to as the Income Method) has not changed since the adoption of the provisions under ASC 350. The determination of discounted cash flows is based on the businesses’ strategic plans and long-range planning forecasts, which change from year to year. The revenue growth rates included in the forecasts represent best estimates based on current and forecasted market conditions. Profit margin assumptions are projected by each reporting unit based on the current cost structure and anticipated net cost increases/reductions.
Current wording
When performing our annual impairment assessment, we compare the fair value of each of our reporting units to our respective carrying value. Goodwill is potentially impaired when the net book value of the reporting unit exceeds its estimated fair value. Fair values are established primarily by discounting estimated future cash flows at an estimated cost of capital which varies for each reporting unit and which, as of our most recent annual impairment assessment, was 9.0%. reflecting the respective inherent business risk of each of the reporting units tested. This methodology for valuing our reporting units (commonly referred to as the Income Method) has not changed since the adoption of the provisions under ASC 350. The determination of discounted cash flows is based on the businesses’ strategic plans and long-range planning forecasts, which change from year to year. The revenue growth rates included in the forecasts represent best estimates based on current and forecasted market conditions. Profit margin assumptions are projected by each reporting unit based on the current cost structure and anticipated net cost increases/reductions.
Previous wording
There are inherent uncertainties related to these assumptions, including changes in market conditions, and management judgment is necessary in applying them to the analysis of goodwill impairment. In addition to the foregoing, for each reporting unit, market multiples are used to corroborate discounted cash flow results where fair value is estimated based on earnings multiples determined by available public information of comparable businesses. While we believe we have made reasonable estimates and assumptions to calculate the fair value of our reporting units, it is possible a material change could occur. If actual results are not consistent with management’s estimates and assumptions, goodwill and other intangible assets may then be determined to be overstated and a charge would need to be taken against net earnings. Furthermore, to evaluate the sensitivity of the fair value calculations on the goodwill impairment test, we applied a hypothetical, reasonably possible 10% decrease to the fair values of each reporting unit. The effects of this hypothetical 10% decrease would still result in a fair value calculation exceeding our carrying value for each of our reporting units. No impairment charges have been required during 2024, 2023 or 2022.
Current wording
There are inherent uncertainties related to these assumptions, including changes in market conditions, and management judgment is necessary in applying them to the analysis of goodwill impairment. In addition to the foregoing, for each reporting unit, market multiples are used to corroborate discounted cash flow results where fair value is estimated based on earnings multiples determined by available public information of comparable businesses. While we believe we have made reasonable estimates and assumptions to calculate the fair value of our reporting units, it is possible a material change could occur. If actual results are not consistent with management’s estimates and assumptions, goodwill and other intangible assets may then be determined to be overstated and a charge would need to be taken against net earnings. To evaluate the sensitivity of the fair value calculations on the goodwill impairment test, we applied a hypothetical, reasonably possible 10% decrease to the fair values of each reporting unit. The effects of this hypothetical 10% decrease would still result in a fair value calculation exceeding our carrying value for each of our reporting units. No impairment charges have been required during 2025, 2024 or 2023.
Previous wording
Intangibles with indefinite useful lives are tested annually for impairment, or when events or changes in circumstances indicate the potential for impairment. If the carrying amount of an indefinite lived intangible asset exceeds its fair value, the intangible asset is written down to its fair value. Fair value is calculated using relief from royalty method. We amortize the cost of definite-lived intangibles over their estimated useful lives.
Current wording
As stated above, intangibles with indefinite useful lives are tested annually for impairment, or when events or changes in circumstances indicate the potential for impairment. If the carrying amount of an indefinite lived intangible asset exceeds its fair value, the intangible asset is written down to its fair value. Fair value is calculated using relief from royalty method. We amortize the cost of definite-lived intangibles over their estimated useful lives.
Previous wording
We review all our definite-lived intangible assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Examples of events or changes in circumstances could include, but are not limited to, a prolonged economic downturn, current period operating or cash flow losses combined with a history of losses or a forecast of continuing losses associated with the use of an asset or asset group, or a current expectation that an asset or asset group will be sold or disposed of before the end of its previously estimated useful life. Recoverability is based upon projections of anticipated future undiscounted cash flows associated with the use and eventual disposal of the definite-lived intangible asset (or asset group), as well as specific appraisal in certain instances. Reviews occur at the lowest level for which identifiable cash flows are largely independent of cash flows associated with other long-lived assets or asset groups and include estimated future revenues, gross profit margins, operating profit margins and capital expenditures which are based on the businesses’ strategic plans and long-range planning forecasts, which change from year to year. The revenue growth rates included in the forecasts represent our best estimates based on current and forecasted market conditions, and the profit margin assumptions are based on the current cost structure and anticipated net cost increases or reductions. There are inherent uncertainties related to these assumptions, including changes in market conditions, and management’s judgment in applying them to the analysis. If the future undiscounted cash flows are less than the carrying value, then the definite-lived intangible asset is considered impaired and a charge would be taken against net earnings based on the amount by which the carrying amount exceeds the estimated fair value. Judgments that we make which impact these assessments relate to the expected useful lives of definite lived assets and its ability to realize any undiscounted cash flows in excess of the carrying amounts of such assets and are affected primarily by changes in the expected use of the assets, changes in technology or development of alternative assets, changes in economic conditions, changes in operating performance and changes in expected future cash flows. Since judgment is involved in determining the recoverable amount of definite-lived intangible assets, there is risk that the carrying value of our definite-lived intangible assets may require adjustment in future periods. Historical results to date have generally approximated expected cash flows for the identifiable cash flow generating level. We believe there have been no events or circumstances which would more likely than not reduce the fair value of our indefinite-lived or definite-lived intangible assets below their carrying value. As of the last annual assessment, fair values have been substantially in excess of…
Excerpt shortened here; the source contains the full paragraph.
Current wording
Examples of events or changes in circumstances could include, but are not limited to, a prolonged economic downturn, current period operating or cash flow losses combined with a history of losses or a forecast of continuing losses associated with the use of an asset or asset group, or a current expectation that an asset or asset group will be sold or disposed of before the end of its previously estimated useful life. Recoverability is based upon projections of anticipated future undiscounted cash flows associated with the use and eventual disposal of the definite-lived intangible asset (or asset group), as well as specific appraisal in certain instances. Reviews occur at the lowest level for which identifiable cash flows are largely independent of cash flows associated with other long-lived assets or asset groups and include estimated future revenues, gross profit margins, operating profit margins and capital expenditures which are based on the businesses’ strategic plans and long-range planning forecasts, which change from year to year. The revenue growth rates included in the forecasts represent our best estimates based on current and forecasted market conditions, and the profit margin assumptions are based on the current cost structure and anticipated net cost increases or reductions. There are inherent uncertainties related to these assumptions, including changes in market conditions, and management’s judgment in applying them to the analysis. If the future undiscounted cash flows are less than the carrying value, then the definite-lived intangible asset is considered impaired and a charge would be taken against net earnings based on the amount by which the carrying amount exceeds the estimated fair value. Judgments that we make which impact these assessments relate to the expected useful lives of definite lived assets and its ability to realize any undiscounted cash flows in excess of the carrying amounts of such assets and are affected primarily by changes in the expected use of the assets, changes in technology or development of alternative assets, changes in economic conditions, changes in operating performance and changes in expected future cash flows. Since judgment is involved in determining the recoverable amount of definite-lived intangible assets, there is risk that the carrying value of our definite-lived intangible assets may require adjustment in future periods. Historical results to date have generally approximated expected cash flows for the identifiable cash flow generating level. We believe there have been no events or circumstances which would more likely than not reduce the fair value of our indefinite-lived or definite-lived intangible assets below their carrying value. As of the last annual assessment, fair values have been substantially in excess of carrying values.
Previous wording
Environmental. For environmental matters, we record a liability for estimated remediation costs when it is probable that we will be responsible for such costs and they can be reasonably estimated. Generally, third party specialists assist in the estimation of remediation costs. The environmental remediation liability as of December 31, 2024 is substantially all for the former manufacturing site in Goodyear, Arizona (the "Goodyear Site"). Estimates of our environmental liabilities at the Goodyear Site are based on currently available facts, present laws and regulations and current technology available for remediation, and are recorded on an undiscounted basis. These estimates consider our prior experience in the Goodyear Site investigation and remediation, as well as available data from, and in consultation with, our environmental specialists. Estimates at the Goodyear Site are subject to significant uncertainties caused primarily by the dynamic nature of the Goodyear Site conditions, the range of remediation alternatives available, together with the corresponding estimates of cleanup methodology and costs, as well as ongoing, required regulatory approvals, primarily from the EPA. During the fourth quarter of 2019, we received conceptual agreement from the EPA on an alternative remediation strategy which is expected to further reduce the contaminant plume. Accordingly, we recorded a pre-tax charge of $18.9 million, net of reimbursements, to extend our forecast period through 2027 and reflect our revised workplan. The total estimated gross liability was $16.4 million and $20.7 million as of December 31, 2024 and 2023, respectively.
Current wording
Environmental. For environmental matters, we record a liability for estimated remediation costs when it is probable that we will be responsible for such costs and they can be reasonably estimated. Generally, third party specialists assist in the estimation of remediation costs. The environmental remediation liability as of December 31, 2025 is substantially all for the former manufacturing site in Goodyear, Arizona (the "Goodyear Site"). Estimates of our environmental liabilities at the Goodyear Site are based on currently available facts, present laws and regulations and current technology available for remediation, and are recorded on an undiscounted basis. These estimates consider our prior experience in the Goodyear Site investigation and remediation, as well as available data from, and in consultation with, our environmental specialists. Estimates at the Goodyear Site have been subject to significant uncertainties caused primarily by the dynamic nature of the Goodyear Site conditions, the range of remediation alternatives available, together with the corresponding estimates of cleanup methodology and costs, as well as ongoing, required regulatory approvals, primarily from the EPA. During the fourth quarter of 2019, we received conceptual agreement from the EPA on an alternative remediation strategy which was expected to further reduce the contaminant plume. Accordingly, we recorded a pre-tax charge of $18.9 million, net of reimbursements, to extend our forecast period through 2027 and reflect our revised workplan. The total estimated gross liability was $12.9 million and $16.4 million as of December 31, 2025 and 2024, respectively.
Previous wording
On July 31, 2006, we entered into a consent decree with the U.S. Department of Justice on behalf of the Department of Defense and the Department of Energy pursuant to which, among other things, the U.S. Government reimburses us for 21% of qualifying costs of investigation and remediation activities at the Goodyear Site. We have recorded a receivable of $3.0 million and $3.8 million for the expected reimbursements from the U.S. Government in respect of the aggregate liability as of December 31, 2024 and 2023, respectively.
Current wording
On July 31, 2006, we entered into a consent decree with the U.S. Department of Justice on behalf of the Department of Defense and the Department of Energy pursuant to which, among other things, the U.S. Government reimburses us for 21% of qualifying costs of investigation and remediation activities at the Goodyear Site. We have recorded a receivable of $2.3 million and $3.0 million for the expected reimbursements from the U.S. Government in respect of the aggregate liability as of December 31, 2025 and 2024, respectively.
Previous wording
Pension Plans. In the United States, we sponsor a defined benefit pension plan that covers approximately 13% of all U.S. employees. Effective January 1, 2013, pension eligible non-union employees no longer earn future benefits in the domestic defined benefit pension plan. The benefits are based on years of service and compensation on a final average pay basis, except for certain hourly employees where benefits are fixed per year of service. Charges to expense are based upon costs computed by an independent actuary. Contributions are intended to provide for future benefits earned to date. Additionally, a number of our non-U.S. subsidiaries sponsor defined benefit pension plans cover approximately 10% of all non-U.S. employees. The benefits are typically based upon years of service and compensation. Most of these plans are funded by company contributions to pension funds, which are held for the sole benefit of plan participants and beneficiaries.
Current wording
Pension Plans. In the United States, we sponsor a defined benefit pension plan that covers approximately 10% of all U.S. employees. Effective January 1, 2013, pension eligible non-union employees no longer earn future benefits in the domestic defined benefit pension plan. The benefits are based on years of service and compensation on a final average pay basis, except for certain hourly employees where benefits are fixed per year of service. Charges to expense are based upon costs computed by an independent actuary. Contributions are intended to provide for future benefits earned to date. Additionally, a number of our non-U.S. subsidiaries sponsor defined benefit pension plans cover approximately 10% of all non-U.S. employees. The benefits are typically based upon years of service and compensation. Most of these plans are funded by company contributions to pension funds, which are held for the sole benefit of plan participants and beneficiaries.
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Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
Aerospace & Electronics sales increased $143.4 million, or 18.2%, to $932.7 million in 2024, primarily due to higher volumes and pricing of $102.7 million, or 13.0%, and the impact of Vian acquisition of $40.6 million, or 5.1%. The commercial market and military market accounted for 61% and 39%, respectively, of total segment sales in 2024. Sales to OEM and aftermarket customers in 2024 were 67% and 33% of total segment sales, respectively.
Previous report — wording carried elsewhere
Cash used by financing activities was $49.7 million in 2024, compared to $423.2 million in 2023. The decrease in cash used for financing activities was driven by: